USD/CHF Technical Analysis September 7, 2011

Yesterday I spoke about what would have to happen for the USD/CHF to be a buy, and all of those points were accomplished. The Swiss National Bank has decided to announce that they are pegging the Franc at 1.20 to the Euro, and as a result – the Franc lost against all currencies, gaining roughly 8% against most on Tuesday. With this in mind we like buying this pair now as the USD is being bought against many other currencies as well. The pullback needs to be in the 0.83-0.85 range, and any supportive candle could be a signal to go long for quite some time. It is far too early to tell, but a trend change could have just happened.

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